Nokia to launch Web3 phone? Applies for digital asset encryption patent, optimistic about blockchain development

Finnish telecommunications equipment giant Nokia recently applied for a new patent with the Chinese National Intellectual Property Administration, the core of which is to provide a new method and device for encrypting digital assets to enhance the security of digital assets, triggering speculation about Nokia’s possible entry into the Web3 phone field. According to information from the Chinese National Intellectual Property Administration, Nokia Technology Co., Ltd. recently applied for a patent titled ‘Device, Method, and Computer Program,’ with publication number CN 119155674 A and application date in June 2024. The abstract shows that the patent provides a method and device for using a first key to encrypt digital assets to form encrypted digital assets for user devices; providing encrypted digital assets to the first network function and an index for the encrypted digital assets; and providing an identifier for the encrypted digital assets to the first entity. The innovation of this patent lies in its multi-layer encryption mechanism, which may potentially provide users with a solution to the increasing data security concerns. Nokia, which has gradually lost its market dominance in the mobile phone market in recent years, has continued to make significant progress in the field of communication technology. With the rapid development of Web3 and blockchain technology, Nokia may attract market attention with innovative technology. It is worth noting that Nokia has made efforts in the blockchain field in recent years, focusing on building future network architecture to serve emerging innovative markets. The company also plans to focus on the value network ecosystem, including decentralization, blockchain, and smart contracts, and intends to pay attention to human enhancement, spatial computing, and distributed processing in the Metaverse field. Nokia also released the Nokia Data Market based on blockchain in May this year, which provides information trading and analysis functions, allowing partners from various industries to collaborate through private chains, utilize AI and automation mechanisms to deal with the rapidly rising data, and ensure secure and reliable access to the data for effective business decision-making.